KOSDAQElectrical Equipment219750

BTB Korea

₩1,737▲ 2.60%2026-10-02 close

Market Cap

₩22.4B

Turnover

₩9,804,572

Volume

5,731 shares

Shares out.

13.1M

PER

—

PBR

1.1×

EPS

-₩639

Dividend Yield

0.00%

PER, EPS, PBR and BPS are calculated in-house from the last 4 quarters (2025Q3–2026Q2) · Dividend yield is based on ₩0 per share · Prices as of the 2026-10-02 close

Report overview

BTB Korea: Restructured, Still Loss-Making

BTB Korea has rebuilt itself around medical-aesthetic devices and bio-distribution after a court-led rehabilitation and acquisition by BNC Korea, but operating and net losses have persisted through every quarter from 2025 into the first half of 2026.

1
2025 consolidated revenue reached KRW 32.0bn with an operating loss of KRW 2.85bn and a net loss of KRW 3.93bn — revenue grew but losses persisted
2
Operating losses have continued for five straight quarters through Q2 2026, with net losses in Q4 2025 and Q2 2026 exceeding operating losses, pointing to non-operating drags
3
Controlling shareholder BNC Korea and related parties raised their combined stake to 81.24%, with the CEO also buying shares on-market
4
The company emerged from court rehabilitation and the absorption merger of Dongin Biotech, resumed trading in May 2025, and later carried out a 5-for-1 share consolidation
5
The debt ratio improved sharply from 9,076% in 2023 to 82.1% in 2025, though balance-sheet stability still warrants monitoring

Business structure

BTB Korea, formerly GTG Wellness, transformed into its current form after a 2023 court-led rehabilitation and an investment by BNC Korea, adopting its present name in April 2024. The business spans three areas: medical devices, beauty devices, and bio-distribution.

The medical device unit develops and manufactures hospital- and dermatology-grade aesthetic devices such as the picosecond laser systems ITS PICO and PICOHOLIC, the CO2 fractional laser CICU, and the diode laser LESHAPE, and also provides ODM services to partner companies.

The beauty device unit targets consumer and B2C markets with full-body care equipment for aesthetic shops and spas as well as home-care beauty devices.

The bio-distribution unit centers on the diagnostic kit, research reagent, and bio-material distribution network acquired through the March 2024 absorption merger of Dongin Biotech, a former BNC Korea subsidiary, and operates the AI-based research support platform BTBMarket.kr, which supplies experimental materials and methodology information to life-science researchers.

The controlling shareholder is BNC Korea, which holds botulinum toxin and filler products and aims to build a vertically integrated 'total aesthetic' model by combining those products with BTB Korea's device lineup.

Exports reach the United States, Europe, the Middle East, and Southeast Asia, with a contract with Thailand's Chosun Beauty supporting further expansion into the Southeast Asian market.

The company competes with other domestic medical-aesthetic device makers and, in bio-distribution, with existing diagnostic kit and reagent distributors.

Earnings trend

Quarterly revenue · Operating profit

₩7.3B-₩1B25Q2₩7.7B-₩1B25Q3₩7B-₩1.2B25Q4₩5.9B-₩1.7B26Q1₩6.3B-₩1.5B26Q2

RevenueOperating profit

Annual revenue · Operating profit

₩5.7B-₩7.6B2022₩2.7B-₩7.3B2023₩30.1B₩1B2024₩32B-₩2.9B2025

RevenueOperating profit

Quarterly results · Last 5 quarters
Quarter	Revenue	Operating profit	Op. margin
2025Q2	₩7.3B	-₩1B	−13.3%
2025Q3	₩7.7B	-₩1B	−13.6%
2025Q4	₩7B	-₩1.2B	−16.8%
2026Q1	₩5.9B	-₩1.7B	−29.3%
2026Q2	₩6.3B	-₩1.5B	−24.1%

Annual results
Year	Revenue	Operating profit	Net income (parent)	Op. margin	ROE	Debt-to-equity
2022	₩5.7B	-₩7.6B	-₩12.8B	−134.2%	−403.7%	1008.0%
2023	₩2.7B	-₩7.3B	-₩9.2B	−271.6%	−2255.5%	9076.0%
2024	₩30.1B	₩1B	-₩200M	3.3%	−0.6%	51.0%
2025	₩32B	-₩2.9B	-₩3.9B	−8.9%	−16.2%	82.1%

Consolidated basis (financial statements including subsidiaries) · Final figures from DART filings · Net income attributable to owners of the parent · Data as of 2026-08-23

Earnings analysis

Consolidated revenue in 2025 was KRW 32.03bn, a modest increase from KRW 30.14bn in 2024, but operating profit swung from a KRW 0.99bn profit in 2024 to a KRW 2.85bn operating loss in 2025, while the net loss widened to KRW 3.93bn.

The years 2023 (revenue KRW 2.70bn, operating loss KRW 7.33bn, net loss KRW 9.23bn) and 2022 (revenue KRW 5.67bn, operating loss KRW 7.61bn, net loss KRW 12.78bn) reflect the period under court rehabilitation when the revenue base was minimal, whereas the 2024 absorption of Dongin Biotech expanded revenue more than tenfold and fundamentally reshaped the business.

On a quarterly basis, the operating loss widened from KRW 0.97bn in Q2 2025 to KRW 1.05bn in Q3, KRW 1.18bn in Q4, and KRW 1.73bn in Q1 2026, before narrowing slightly to KRW 1.52bn in Q2 2026, though still a sizable loss.

Net losses moved even more sharply, reaching KRW 2.59bn in Q4 2025 and KRW 2.86bn in Q2 2026 — well above the corresponding operating losses — suggesting additional non-operating items such as financial costs or asset-related impairments flowed through to the bottom line.

Summing the trailing four quarters (Q3 2025 through Q2 2026) yields revenue of roughly KRW 26.92bn against an operating loss of about KRW 5.48bn, implying an operating margin in the low-negative-20% range.

Shareholders' equity fell from KRW 28.24bn at end-2024 to KRW 24.30bn at end-2025, while the debt ratio dropped sharply from extreme levels of 9,076% in 2023 and 1,008% in 2022 to 82.1% in 2025, reflecting the capital-structure repair achieved through rehabilitation and merger.

Operating cash flow (CFO) also deteriorated to negative KRW 5.97bn in 2025 from negative KRW 0.52bn in 2024, indicating that cash generation has not yet clearly improved despite revenue growth.

Industry analysis

South Korea's medical-aesthetic device industry is built around energy-based treatment equipment such as picosecond lasers, HIFU, and RF systems, with demand growing simultaneously in clinical procedures and home-care devices.

Within this space, the botulinum toxin and filler market is becoming increasingly competitive among numerous domestic players, and government shipment approvals for toxin and filler products continue to be contested within the BNC Korea group as well.

The bio-distribution segment is underpinned by demand for diagnostic kits and research reagents used in life-science infrastructure, a fragmented market with many small distributors competing.

BTB Korea's combination of medical-aesthetic device manufacturing/ODM with bio-distribution differentiates its portfolio from pure device makers or pure distributors, and cross-selling potential through controlling shareholder BNC Korea's toxin and filler distribution network stands out as a key competitive variable.

That said, the company only recently emerged from the risk of delisting and is classified as a very small-cap stock, so its industry standing is still in an early establishment phase.

Overseas, the company is expanding its export network to the United States, Europe, the Middle East, and Southeast Asia, though its scale competitiveness relative to larger rivals appears limited.

Outlook

The company beta-launched its AI-based research support platform BTBMarket.kr in March 2025 and has continued to upgrade it, and whether this platform contributes to diversifying revenue channels in the bio-distribution segment is worth watching.

In medical devices, preclinical research results were announced for RHIN-HI, a non-invasive device using focused ultrasound technology to treat inferior turbinate hypertrophy, making the progress of subsequent clinical and regulatory approval processes a point to monitor.

Overseas, expansion into Southeast Asia is being pursued through a contract with Thailand's Chosun Beauty, and whether this translates into revenue contribution remains to be confirmed.

On governance, the combined stake of controlling shareholder BNC Korea and related parties rose to 81.24% as of July 27, 2026, and CEO Choi Wan-gyu also purchased shares on-market at KRW 1,824 per share around the same time — continued accumulation by the controlling group could serve as a governance-stability indicator to track.

However, no explicit public revenue or profit guidance from the company has been identified, and future performance appears likely to hinge on export recovery in beauty and medical devices, a rebound in bio-distribution revenue, and control of non-operating losses.

Resolutions passed at the May 2026 extraordinary shareholders' meeting, including articles-of-incorporation amendments, may also be read as institutional groundwork for future business expansion.

Valuation

PER

—

PBR

1.1×

ROE

-33.6%

EPS

-₩639

BPS

₩1,510

Dividend per share

₩0

Because BTB Korea continues to post net losses even on a trailing four-quarter basis, a price-to-earnings ratio is difficult to calculate in the first place.

Regarding the relationship between share price and book value, there is some difference between self-calculated and exchange-official bases, but the stock broadly trades in a range not far from its net asset value. No dividends have been paid in recent years, leaving little reference point on a yield basis.

The company's equity base itself has been volatile, falling from KRW 28.2bn at end-2024 to KRW 24.3bn at end-2025, which should be kept in mind when interpreting the price-to-book relationship.

The sharp improvement in the debt ratio from extreme levels of 9,076% in 2023 and 1,008% in 2022 to 82.1% in 2025 is an indicator that the balance sheet is normalizing.

Ultimately, the current valuation picture depends heavily on whether profitability recovers and on the direction of net asset value, making it difficult to judge on simple comparative metrics alone.

PER, EPS, PBR and BPS are all calculated in-house (the same method as Naver and Toss) · Dividend yield = cash dividend per share from DART filings (supplemented by KRX) ÷ current price · As of 2026-08-23

Bull factors

Controlling shareholder accumulation and vertical-integration synergy

As of July 27, 2026, the stake held by the largest shareholder Korea BNC and its special related parties increased to 81.24%, and the CEO also began purchasing shares on the open market during the same period.

The combination of Korea BNC, which holds toxin and filler products, and Korea BTB, which holds medical device and bio distribution businesses, forms the foundation for a 'total aesthetic' business model. The major shareholder's continued expansion of stake is a signal worth noting in terms of management stability.

Revenue base expansion after rehabilitation

The company, which had revenue of only KRW 2.7 billion in 2023, saw its revenue scale expand significantly to KRW 30.1 billion in 2024 and KRW 32.0 billion in 2025 following the merger with Dongin Biotech. The business structure itself has fundamentally changed through securing a bio distribution network.

This signifies that a different business foundation has been established compared to before the rehabilitation proceedings.

Product and platform diversification

In addition to a diverse medical device lineup including picosecond lasers, CO2 fractional lasers, and diode lasers, the company has new pipelines such as the AI-based research support platform 'BTBMarket.kr' and the non-invasive treatment device 'RineHigh'.

Attempts to expand exports to Southeast Asia through a contract with Thailand's Josen Beauty are also underway. Business diversification could be a factor in reducing dependence on specific product categories.

Bear factors

Five consecutive quarters of operating losses

Operating losses continued every quarter from Q2 2025 to Q2 2026, and there were periods where the loss size actually expanded from KRW 0.97 billion to KRW 1.73 billion.

The combined operating loss for the most recent four quarters is approximately KRW 5.5 billion, with revenue of approximately KRW 26.9 billion, keeping the operating profit margin in the low negative 20% range. A clear turning point for improvement in the profit and loss structure has not yet been confirmed.

Non-operating factors pushing net losses beyond operating losses

The net loss of KRW 2.59 billion in Q4 2025 and KRW 2.86 billion in Q2 2026 each significantly exceeded the operating losses for those respective quarters (KRW 1.18 billion and KRW 1.52 billion).

This suggests the possibility that non-operating factors such as financial expenses or asset-related impairments were additionally reflected. Controlling non-operating losses remains a priority task before operational normalization.

Historical fragility of the balance sheet

The debt ratio improved to 82.1% in 2025, but reached extreme levels of 9,076% in 2023, just two years earlier, and 1,008% in 2022. Equity capital also decreased from KRW 28.2 billion at the end of 2024 to KRW 24.3 billion at the end of 2025.

Given the company's history of rehabilitation proceedings, continuous monitoring of financial stability is necessary.

Risk factors

Financial soundness

Operating cash flow showed an outflow of KRW 5.97 billion in 2025, a larger outflow than the KRW 0.52 billion in 2024. If losses continue amid decreasing equity capital, financial responses such as additional capital raising or asset sales may become necessary.

Given the past history of rehabilitation proceedings, changes in the financial structure must be continuously monitored.

Governance and related-party transactions

The largest shareholder Korea BNC and its special related parties hold a stake exceeding 81%, resulting in a structure with a low proportion of minority shareholders.

As business synergy with the largest shareholder's affiliate group is emphasized, the fairness and transparency of related party transactions must be continuously verified. The highly concentrated ownership structure is also a factor to consider in terms of liquidity.

Business-model transition risk

It has not been long since the company's business model itself was significantly transformed through rehabilitation proceedings and merger. Losses continue while the three business pillars of medical devices, beauty devices, and bio distribution have not yet settled into a stable earnings structure. The uncertain timing of commercialization for new pipelines (such as RineHigh) is also a variable.

What to watch next

Mid-November 2026
Expected timing of Q3 2026 earnings disclosure — check whether the widening operating-loss trend continues and whether non-operating factors again push net losses beyond operating losses.
Q4 2026
Watch for further large-shareholding disclosures from controlling shareholder BNC Korea and related parties to gauge the continuation of governance-stability trends.
H2 2026
Check for disclosures or news on the clinical and regulatory approval progress of the non-invasive turbinate treatment device RHIN-HI.
Around March 2027
Timing of the FY2026 audit report submission — check whether auditors express any going-concern qualification given the continued string of losses.

Overall view

BTB Korea has reorganized around a combination of medical devices, beauty devices, and bio-distribution following court rehabilitation, acquisition by BNC Korea, and the absorption merger of Dongin Biotech, expanding revenue sharply from KRW 2.7bn in 2023 to KRW 32.0bn in 2025.

However, operating losses have persisted for five consecutive quarters from Q2 2025 through Q2 2026, and net losses in Q4 2025 and Q2 2026 in particular exceeded operating losses by a wide margin, suggesting additional non-operating drags.

The debt ratio improved dramatically from 9,076% in 2023 to 82.1% in 2025, yet equity fell from KRW 28.2bn at end-2024 to KRW 24.3bn at end-2025, so it would be premature to conclude the balance sheet is fully stabilized.

With controlling shareholder BNC Korea and related parties holding over 81% and the CEO also buying shares on-market, governance signals are worth noting.

Key items to watch going forward are whether quarterly losses narrow, whether non-operating losses are controlled, and whether new pipelines such as BTBMarket.kr, RHIN-HI, and Southeast Asian exports translate into actual revenue contribution. Readers should weigh these facts comprehensively in forming their own investment judgment.

Sources

Korea Exchange (KRX) — Prices · Market Cap · Volume
FSS electronic disclosure system (DART) — Financial statements · Dividend filings

Show 18 more articles and sources

Report written 2026-09-05 · Data as of 2026-09-04

This content is AI analysis of market data and web search results, provided for information only. It is not a solicitation or recommendation to invest. Investment decisions and their consequences are the investor's own responsibility. Data may be delayed or contain errors.